Help to Buy provides major boost to house-hunters in Northstowe

20 April 2018

The Government’s Help to Buy scheme has given a significant boost to aspiring homeowners in Northstowe, according to Bloor Homes. Over 60 per cent of purchasers at the Bloor Homes development have used the quality loan scheme since the official sales launch in May 2017. The national housebuilder says awareness of the incentive is continuing to grow.

Street scene at Bloor Homes’ Northstowe development

Help to Buy is available to all types of purchaser, not just first-time buyers, and is available on new homes worth up to £600,000.

Buyers can secure their new-build with a minimum 5% deposit to qualify. The government will lend between 10% and 20% of the value of the property. This means the buyer will only need to secure up to a 75% mortgage from a bank or building society.

Help to Buy has been a huge boost for people wanting to get on or move up the property ladder, and this has been reflected in the high proportion of buyers who have used the scheme to purchase a home at Northstowe.

— Monika Hanlon, Regional Sales Director at Bloor Homes Eastern

Of the 45 homes sold at Northstowe since May 2017, 30 were bought using Help to Buy.

Monika Hanlon, Regional Sales Director at Bloor Homes Eastern, explains: “The development is part of a thriving community which is ideal for young couples and growing families, and Help to Buy is proving particularly popular among these groups.

“However, contrary to popular perception, the scheme is not just for first time buyers. A number of residents at Northstowe have taken advantage of the smaller deposit and lower monthly payments afforded by the Government-backed scheme, in order to move up the ladder into a larger property.

“Our conversations with prospective buyers suggest that awareness of the Help to Buy scheme is continuing to grow. We realise, however, that the scheme can appear daunting to people, which is why I would encourage anyone interested in finding out more about it to visit our sales team at Northstowe, who will be more than happy to guide potential buyers through the process.”

Bloor Homes is building the first 92 homes at Northstowe, and the new residents are already creating a thriving community.

Just six miles north of Cambridge, the new development is attracting interest from a range of buyers, from would-be homeowners keen to get on the property ladder and families looking to be part of this new community, to downsizers from the surrounding villages.

There is currently a range of two, three and five- bedroom homes available for sale at Northstowe, priced from £282,995.